With your professional background, you're in a great position to dive into multifamily investing.

No where… Once interest rates go down to the 5.5% range, you could refinance and be in a way better position. ** Another way: you could do all of the above and then use a company I use to split the lot.

But I haven’t seen one pencil in a long time.

Looking forward to my visit in a couple weeks as we continue our research for an STR in the area. 

They want you to wait a few days to send someone out to look at it then come back in a few days to try part #1.

By getting to know someone’s work ethic, goals, and character over time, you’ll be in a much better position to determine if they’re a good fit for a long-term collaboration.

Would love an update if you have good resources or recommendations for folks in a similar boat to you!

I think there are two maybe 3 ways to look at this in my mind.  1) you go into it and bring it all up to modern standards but using that old charm to basically take what is there bring it up to modern standards and rent it out essentially I'm thinking cocktail bar or something trendy like that.2) most banks are on really good centrally located real estate if this is true, then I'd consider it for the dirt, plan to scrape the lot and go vertical with whatever the highest and best use is.3) a kind of combo of the two, if the lot is in a good location and its doable, pull the vaults or other "character pieces" out of the building, scrape the lot, and build whatever is best suited for the site there, but incorporate those historical pieces into the final designs.Is the site near a major retail area? 

Each unit is individually owned, with some owners holding multiple units.A few things I’m trying to understand better:Pros and Cons: What are the main benefits and challenges of owning multiple units in a property like this with a condo setup?

@Kishan Korsapati There should be a better articulated investment thesis than buying a home that is deemed to be in a safe area and cash flows.